Why is growth in GDP different from growth in a nation's standard of living? Is it possible for a nation's GDP to grow while its standard of living falls?

If there are 150 million in the labor force and unemployment falls from 6.0% to 5.5%, then the number of employed will increase by 150×0.005 = 0.75 million or 750,000....

(i) Real GDP in 2020-21 is:Yr = 61583×228.1/251.3 = 55897.66. (ii) GDP deflator is: Deflator = 61583/55897.66×100 = 110.17.(iii) Inflation rate is 110.17 - 100 = 10.17%.

Income per person, is the mean income within an economic aggregate such as a country or city. It is calculated by taking a measure of all sources of income in...

Nominal GDP is the total gross national product evaluated at current market prices. Real GDP is gross national product calculated using the prices of a selected base period . Economists...

3) Real GDP

Nominal GDP=real GDP*deflator/1002500*140/100=3500Nominal GDP=3500

1.     GDP (Gross Domestic Product) is the total value of all goods and services produced within a country in a financial year.2.     GNP (Gross National Product) is the total value of finished...

Aggregate spending increases if the interest rate falls.How do we determine this?- Through the aggregate demand curve between the price level and real output demanded.

Growth rate of real GDP is the percentage change in real GDP from one year to the next. Growth rate of GDP = [GDP(year 2) - GDP(year 1)]/ GDP(year 1)*100...

Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. As such, it also measures...